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Jel Classification:J22 

Working Paper
Consumption and Hours between the United States and France

We document large differences between the United States and France in allocations of consumption expenditures and time by age. Using a life-cycle model, we quantify to what extent tax and transfer programs and market and home productivity can account for the differences. We find that while labor efficiency by age and home-production productivity are crucial in accounting for the differences in the allocation of time, the consumption tax and social security are more important regarding allocation of expenditures. Adopting the U.S. consumption tax decreases welfare in France, and adopting the ...
FRB Atlanta Working Paper , Paper 2021-7

Working Paper
Labor market polarization over the business cycle

One of the most important long-run trends in the U.S. labor market is polarization, defined as the relative growth of employment in high-skill jobs (such as management and technical positions) and low-skill jobs (such as food-service and janitorial work) amid the concurrent decline in middle-skill jobs (such as clerical, construction, manufacturing, and retail occupations). Middle-skill job losses typically result from outsourcing labor to lower-wage countries or from substituting automated technologies for routine tasks. Economists are now beginning to study how long-run polarization might ...
Working Papers , Paper 14-16

Working Paper
Precautionary On-the-Job Search over the Business Cycle

This paper provides new evidence for cyclicality in the job-search effort of employed workers, on-the-job search (OJS) intensity, in the United States using American Time Use Survey and various cyclical indicators. We find that OJS intensity is countercyclical along both the extensive and intensive margins, with the countercyclicality of extensive margin stronger than the other. An increase in the layoffs rate and the deterioration in expectations about future personal financial situation are the primary factors that raise OJS intensity. Our findings suggest that the precautionary motive in ...
Finance and Economics Discussion Series , Paper 2017-025

Working Paper
Shopping Time

The renewal of interest in macroeconomic theories of search frictions in the goods market requires a deeper understanding of the cyclical properties of the intensive margins in this market. We review the theoretical mechanisms that promote either procyclical or countercyclical movements in time spent searching for consumer goods and services, and then use the American Time Use Survey to measure shopping time through the Great Recession. Average time spent searching declined in the aggregate over the period 2008-2010 compared to 2005-2007, and the decline was largest for the unemployed who ...
Working Paper Series , Paper 2014-24

Working Paper
Bundling Time and Goods: Implications for Hours Dispersion

We document the large dispersion in hours worked in the cross-section. We account for this fact using a model in which households combine market inputs and time to produce a set of nonmarket activities. To estimate the model, we create a novel data set that pairs market expenditures and time use at the activity level using data from the Consumer Expenditure Survey and the American Time Use Survey, respectively. The estimated model can account for a large fraction of the dispersion of hours worked in the data. The substitutability between market inputs and time within an activity and across a ...
FRB Atlanta Working Paper , Paper 2020-1

Working Paper
Who counts as employed?: informal work, employment status, and labor market slack

Several recent studies find that as of 2015, a significant share of working-age adults in the United States participates in nonstandard work arrangements. Such arrangements tend to lack long-term employment contracts and are often referred to as ?gig economy? jobs. This paper investigates the implications of nonstandard or ?informal? work for the measurement of employment status and labor market slack. Using original survey data, we find that as of 2015 roughly 37 percent of nonretired U.S. adults participated in some type of informal work, and roughly 20 percent participated in informal ...
Working Papers , Paper 16-29

Working Paper
Work from Home After the COVID-19 Outbreak

Based on rich novel survey data, we document that 35.2 percent of the US workforce worked entirely from home in May 2020, up from 8.2 percent in February. Highly educated, high-income and white workers were more likely to shift to working from home and maintain employment following the pandemic. Individuals working from home daily before the pandemic lost employment at similar rates as daily commuters. This suggests that, apart from the potential for home-based work, demand conditions also mattered for job losses. We find that 71.7 percent of workers that could work from home effectively did ...
Working Papers , Paper 2017

Working Paper
The Cross-Section of Labor Leverage and Equity Returns

Using a standard production model, we demonstrate theoretically that, even if labor is fully flexible, it generates a form of operating leverage if (a) wages are smoother than productivity and (b) the capital-labor elasticity of substitution is strictly less than one. Our model supports using labor share?the ratio of labor expenses to value added?as a proxy for labor leverage. We show evidence for conditions (a) and (b), and we demonstrate the economic significance of labor leverage: High labor-share firms have operating profits that are more sensitive to shocks, and they have higher expected ...
Working Paper Series , Paper WP-2017-22

Working Paper
Opioids and the Labor Market

This paper finds evidence that opioid availability decreases labor force participation while a large labor market shock does not influence the share of opioid abusers. We first identify the effect of availability on participation using the geographic variation in opioid prescription rates. We use a combination of the American Community Survey (ACS) and Centers for Disease Control and Prevention (CDC) county-level prescription data to examine labor market patterns across both rural and metropolitan areas of the United States from 2007 to 2016. Individuals in areas with higher prescription ...
Working Papers (Old Series) , Paper 1807

Working Paper
Revisiting the Role of Home Production in Life-Cycle Labor Supply

This paper examines the role of home production in estimating life-cycle labor supply. I show that, consistent with previous studies, ignoring an individual?s time spent on home production when estimating the Frisch elasticity of labor supply biases its estimate downwards. I also show, however, that ignoring other ways a household can satisfy the demand for home production biases its estimate upwards. Changes in this demand over the life-cycle have an income effect on labor supply, but the effect can be mitigated through purchases in the market and through the home production of other ...
Working Paper Series , Paper WP-2015-2

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